Hindalco Industries (HINDALCO) Q2 24/25 earnings summary

Executive summary

• Achieved record Q2 FY25 performance with consolidated EBITDA up 49% year-on-year to ₹9,100 crore and net profit up 78% to ₹3,909 crore, driven by strong aluminium and copper businesses, and resilient Novelis shipments.

• Maintained sustainability leadership with a DJSI score of 87/100, 79% waste recycled, 25% water recycled, and 183 MW renewable capacity, targeting 300 MW by H1 2025.

• Board approved unaudited results for Q2 and H1 FY25, with auditor review confirming compliance and no material misstatements.

Financial highlights

• Q2 FY25 consolidated revenue: ₹58,203 crore (up 7% YoY); EBITDA: ₹9,100 crore (up 49% YoY); PAT: ₹3,909 crore (up 78% YoY); India business EBITDA: ₹5,139 crore (up 100% YoY); PAT: ₹2,850 crore (up 135% YoY).

• Aluminium upstream EBITDA: ₹3,709 crore (up 79% YoY); downstream EBITDA: ₹154 crore (down 1% YoY); copper EBITDA: ₹829 crore (up 27% YoY).

• Novelis Q2 FY25 revenue: $4.3 billion (up 5% YoY); adjusted EBITDA: $462 million (down 5% YoY); net income: $128 million (down 18% YoY).

• Exceptional items include a ₹571 crore gain from land sale and impairment/exceptional costs related to Novelis Sierre plant flooding.

• Total comprehensive income for Q2 FY25: ₹4,863 crore; H1 FY25: ₹9,886 crore.

Outlook and guidance

• Aluminium downstream capacity to reach 600 Kt in FY26; upstream capacity to increase to 1.52 million tons, with focus on low-carbon aluminium.

• Copper smelting capacity expansion to ~800 Kt underway; India's first e-waste and copper scrap recycling plant in progress.

• Management continues to monitor external risks and project execution, with ongoing restoration at Novelis Sierre and potential for further insurance recoveries.

• CapEx for next year guided at ₹7,000–8,000 crore, with major projects scheduled over the next 3–3.5 years; net debt to EBITDA at 1.19x.

• No provision recognized for potential ORISED Act tax liability pending Supreme Court decision.